Fundamentals
Target Audience
Maslow's Hierarchy
Supply and Demand
Competition
Forms of Ownership
International Business
Cultural Etiquette
Channels of Distribution
100
How many employees are in a SMALL business?
1 - 99 employees
100
Who is Nike's target audience (age, gender, income)
kids/teens, males, high
100
What level of the hierarchy does this app 
support?
Safety and Security
100
An increase in the price of a product will _______ the amount of it purchased because:
decrease, because consumers will shop somewhere cheaper
100
Dino sells hot dogs and Chan sells burgers. Is this a direct or indirect competition? Why?
Indirect because they sell different products but both satisfy hunger
100
What is a crown corporation? Give an example an example.
A corporation that is owned by the government. EG: Canada Post
100
What is Outsourcing? Give an example
Outsourcing: contracting out your services to someone in another country, usually because it is cheaper.
EG: Cold calls are often outsourced to India.
100
In Canada, people prefer to stand _____ meter apart.
half a meter
100
What type of Channel Distribution is a Lemonade Stand?
Direct Distribution
200
What is the difference between consumer and customer?
Consumer: uses the product
Customer: Buys the product
200
Who is McDonald's target audience (age, gender, income)?
kids, both, low
200
What level of the hierarchy is this company?
Love and Belonging or Self-Esteem
200
When the new iPhone 14 came out, the supply for iPhone 13 __________ (increased or decreased) because...__________
decreased because it was no longer popular and they wanted to discontinue it
200
What's it called when you call a product by the brand's name instead of what it actually is? EG: Kleenex vs Tissue Paper
top of mind awareness
200
What is a private corporation? Give an example.
A corporation that is its own separate entity and cannot be traded on the public stock exchange - Fortinos
200
What is one of the major imports in Canada? Where do we get it from?
We import Refined Oil from the States
200
In Japan, you should speak
softly/whisper
200
Ms Jivan makes a new product. Instead of selling it herself, she gets Ms Gill to sell it for her. This is an example of which type of distribution?
Indirect Distribution
300
If Ms Jivan makes $200 in revenue off one sale, but it costs her $250 to make the product, how much did she make in profit?
$50 loss
300
Who is Costco's target audience? (age, gender, income)
adults, both, middle
300
What level of the hierarchy does this product belong to? 
Level 1, Biological
300
The law of supply is based on the perspective of the ______ while the law of demand is based on the perspective of the ________
producer/supplier, consumer
300
Who is Walmart's direct competitor?
Costco, Amazon, Target
300
What is limited liability vs unlimited liability ? Which type of ownership is associated with each?
Limited liability: The owners are only responsible for their own debts - Corporation, Cooperative and Franchise
Unlimited liability: The owners are responsible for all the debts of the company - Sole Proprietorship and Partnership
300
Cuba and the USA have a _________ where they do not trade any goods between the countries.
embargo
300
In China, people sit ___________ in meetings
next to each other
300
What is the difference between a retailer and a wholesaler?
Retailers buy their supplier from a wholesaler and sell individual products to a customer; Wholesalers buy directly from the supplier in bulk and sell to retailers (not customers)
400
What is the difference between a non-profit and a not for profit?
Non-profits act like businesses and strive to make a profit, while not-for-profits focus more on providing a service for the community.
400
Who is Walmart's target audience (age, gender, income)?
adults, both, low/middle
400
What level of the hierarchy does this product belong to?
Self-Actualization
400
Refer to the above diagram. The equilibrium price and quantity in this market will be:
$1.00 at 200 Quantity
400
A Dollarama is built next to a A1 Dollar Store (small business). Dollarama is an example of a ______ _______
category killer
400
What is an advantage and disadvantage of buying a Franchise (being a franchisee)?
advantage: have a recipe for success
disadvantage: have to follow rules from the headquarters; other franchisees could ruin the reputation of the entire brand
400
It is better to buy locally to avoid ______ on international packages imported to Canada
tariffs/duties
400
What is polychronic timing, and what is an example of a country that follows this?
When timings are flexible
France, Italy, Greece, Mexico, Asian, African cultures
400
What is a speciality channel of distribution and give one example?
When there is no physical selling of the product
Example: Vending Machine
500
Who is Silver City's target audience (age, gender, income)?
teens, both, low/middle
500
What level of the hierarchy does this product (Nintendo Switch) belong to?
Love and Belonging
500
What does this curve represent?
Demand
500
What is Amazon's competitive advantage?
Free one-day shipping, variety of products
500
What is a cooperative? What is the purpose of it?
Cooperative; made to fulfil the needs of a community; democratically run by the members of the community
500
A limit on how much of one good you can bring into the country is called a
quota
500
It is common to have meetings in saunas in ______
Finland